ASIC obtains bankruptcy orders against ‘ASX Wolf’ finfluencer

ASIC has successfully sought orders in the federal court against social media finfluencer Tyson Scholz, known as the “ASX Wolf”, effectively making him bankrupt.

In a media release on Thursday, the regulator said it sought orders after Scholz failed to pay costs ordered by the court relating to proceedings brought by ASIC in December 2021, with court ruling in favour of the regulator a year later.

ASIC has applied to AFCA to have trustees appointed over the assets of Scholz.

On 13 April 2023, the court made permanent injunctions against Scholz prohibiting him from carrying on a financial services business in Australia in contravention of the Corporations Act and he would be required to cover proceedings. On 22 June 2023, it was assessed those costs would amount to $456,296.64.

Following Scholz’s failure to pay this amount, ASIC served a bankruptcy notice on 25 July 2023 and then filed a creditor’s petition in the court on 18 October 2023.